Calumet (NASDAQ:CLMT) Stock Price Down 4.6% – Here’s What Happened

Calumet, Inc. (NASDAQ:CLMT)’s share price dropped 4.6% during trading on Tuesday. The company traded as low as $50.01 and last traded at $49.7750. 117,088 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,264,562 shares. The stock had previously closed at $52.17.

Analyst Upgrades and Downgrades

CLMT has been the topic of a number of research analyst reports. Zacks Research upgraded Calumet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Citigroup reiterated a “buy” rating on shares of Calumet in a research note on Monday, August 10th. HC Wainwright boosted their price objective on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. UBS Group upped their target price on Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $54.75.

Calumet Trading Down 3.9%

The firm’s fifty day moving average is $53.72 and its 200 day moving average is $37.80. The company has a market cap of $4.41 billion, a PE ratio of -32.34, a price-to-earnings-growth ratio of 0.79 and a beta of 0.78.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.12 billion. The firm’s revenue was up 40.8% on a year-over-year basis. During the same period in the previous year, the business posted ($1.70) EPS. As a group, sell-side analysts anticipate that Calumet, Inc. will post 1.28 EPS for the current fiscal year.

Institutional Trading of Calumet

A number of institutional investors have recently made changes to their positions in CLMT. Two Seas Capital LP purchased a new stake in shares of Calumet during the second quarter worth approximately $238,442,000. BlackRock Inc. raised its position in shares of Calumet by 5.1% in the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock valued at $188,532,000 after buying an additional 253,578 shares during the last quarter. State Street Corp raised its position in shares of Calumet by 12.7% in the second quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company’s stock valued at $125,028,000 after buying an additional 390,906 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Calumet by 65.1% in the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock worth $41,419,000 after buying an additional 454,985 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Calumet in the first quarter worth about $14,066,000. 34.41% of the stock is owned by institutional investors and hedge funds.

About Calumet

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.